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As funds swell, pressure to deploy rises and managers can stray from their expertise
The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
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A loan that had been in syndication since April from vehicle parts producer Hyva Global has been signed, with a mix of Asian and Western banks and one institutional investor joining. The deal started out at $295m but wound up at a much slimmer $195m after failing to gather steam amid concerns over the industry and the company’s weak sales in slowing China. -
Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.
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HNA Tourism Group Co has raised Rmb450m ($72m) from its first bond issue, which was driven by investor enquiry. The two year deal offers investors the highest coupon in CNH since the start of 2015.
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China’s eHi Car Services has thrown in the towel on its first attempt to issue a maiden dollar bond due to weak demand. Bankers away from the deal and investors say that a combination of bad timing and bad pricing was to blame.
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Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.
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Pricing has widened on the £300m sterling cov-lite loan backing Clayton Dubilier & Rice’s acquisition of Motor Fuel Group, the UK petrol station forecourt operator.
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